Energean Oil & Gas S.A.’s €90.5 Million Financing for Prinos Basin Development

Watson Farley & Williams and K&P advised Black Sea Trade and Development Bank on the deal. White & Case advised Energean.

Black Sea Trade and Development Bank (“BSTDB”) granted a €90.5m loan to Energean Oil & Gas S.A. (“Energean”), as well an associated guarantee to be provided by the Greek State for up to 90% of the total committed investment, to develop the Prinos Basin offshore of Greece.

The loan will fund Energean’s further investment in the Epsilon, Prinos North and Prinos operating oil fields in Sea of Thrace off the coast of northern Greece between the port of Kavala and the island of Thasos, as well as support the company’s working capital needs and finalise their structural expenditure on the Prinos infrastructure complex.

The Prinos development programme aims to create jobs for suppliers of goods and services in the drilling and construction industries in addition to maintaining livelihoods in key Greek businesses amidst the ongoing Covid-19 pandemic.

BSTDB is an international financial institution with headquarters in Thessaloniki, Greece. With €3.45bn authorised capital the bank supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. Its members comprise Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine.

Established in 2007, Energean – Greece’s only oil and gas producer – has grown to become the leading independent, gas-focussed E&P company in the Eastern Mediterranean. The company explores and invests in new ideas, concepts and solutions to produce energy efficiently, at low cost and with a low carbon footprint.

The WFW London Projects team advising BSTDB was led by Energy Partner Joe Levin (Picture) with assistance from Associate Victoria Gow and Trainees Jen O’Donoghue and Patrick O’Rourke.

The K&P team was led by our Partner Valia Apostolopoulou, assisted by our Senior Associate Zissis Papazissis, Associate Konstantina Chiotis and Trainee Lawyer Georgios Zervakis.

The White & Case team in London that advised on the transaction was led by partner Jason Kerr, with support from associates James Foo and Kian Newlyn.

Involved fees earner: Valia Apostolopoulou – Karatzas & Partners; Konstantina Chiotis – Karatzas & Partners; Zisis Papazisis – Karatzas & Partners; Victoria Gow – Watson Farley & Williams; Joe Levin – Watson Farley & Williams; James Foo – White & Case; Jason Kerr – White & Case; Kian Newlyn – White & Case;

Law Firms: Karatzas & Partners; Watson Farley & Williams; White & Case;

Clients: Black Sea Trade and Development Bank; Energean Oil & Gas;

Giulia Di Palma

Author: Giulia Di Palma